Treasury Committee (TSC) chair Dame Meg Hillier has welcomed the government's decision to replace the Lifetime ISA (LISA) with a savings product designed solely for first-time buyers.
In the Autumn Budget this week (26 November), the government confirmed it will consult next year on a new, simpler ISA product to support people saving for a home. Once launched, this product will be offered in place of the LISA, although no specific timeline for implementation has been set. The move follows the committee's recent report on the LISA, which can be used for both first home purchase and retirement saving. Hillier said "In our report, we concluded that LISA is too complex. One concern we raised related to its dual-purpose of saving for both a home and retirement, which...
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